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Market Review:

Indian markets ended with significant cuts on Wednesday. Metal, FMCG and realty stocks tumbled while PSU banks and media shares bucked the trend. The S&P BSE Sensex, dropped 456.09 points or 0.74% to 61,259.96. The Nifty 50 index lost 152.15 points or 0.83% to 18,266.60

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18350. If nifty closes above that, further upside can be expected towards 18420-18500 mark. On the flip side 18200-18130 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 18350 and on a decisive close above expect a rise to 18420-18500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40000 levels on the upside and on a decisive close above expect a rise to 40270-40500. There is an immediate support at 39330-39000 levels.

Technical Call Updates

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